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This year Turbotax did not run my return through a 'likelihood of being audited' graph. Why not?
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June 6, 2019
4:25 AM
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Get your taxes done using TurboTax
That feature has been removed since ultimately, all audits are at the discretion of the IRS. But, the Audit meter was based on the likelihood of an audit, as specified by the IRS.
Besides having deductions that look puffed up, you can boost your odds of getting an audit notice with any of these:
--being self-employed (opportunities to cheat abound).
--having a 1099 mismatch (you show a $5,000 capital gain, the broker reports $15,000).
--having a large income (the IRS gets a better payback for audit efforts among the wealthy).
--claiming a large non-cash donation.
--reporting a loss from a business activity that could be a hobby.
Please see this Forbes article or this TurboTax Blog for more information about audit risk.
June 6, 2019
4:25 AM